by Lyme disease, also known as Lyme borreliosis, is a tick-borne illness caused by the Borrelia burgdorferi bacteria and closely related bacteria. It is transmitted through the bite of blacklegged ticks infected with the bacteria and symptoms may include fever, headache, fatigue and a characteristic skin rash called erythema migrans. If left untreated, infection can spread to joints, the heart and the nervous system. Lyme disease is the most common vector-borne illness in the United States and Europe as ticks carrying the illness have significantly expanded their habitats.
Lyme disease treatment options include antibiotics to cure early stage infections such as doxycycline, amoxicillin or cefuroxime axetil. For patients with more advanced stages of the illness or who have developed chronic symptoms, additional antibiotic regimens or alternative treatment approaches may be needed. The global lyme disease treatment market is estimated to be valued at US$ 1.56 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the lyme disease treatment market is the development of novel therapeutics to improve treatment outcomes. As antibiotics are not always completely effective for chronic Lyme disease, researchers are exploring alternative therapeutic approaches such as vaccines, anti-inflammatory drugs, tick repellents and immunotherapies. Several biotechs have lyme disease vaccines in clinical trials that could prevent transmission if effective. There is also increased focus on developing rapid and accurate diagnostic tests that can detect infections sooner and aid treatment decision making. As ticks continue to spread due to factors like climate change, innovative solutions are urgently needed to control this growing public health threat.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Lyme Disease treatment market requires significant investment in research and development for new drug development. However, the growing prevalence of Lyme disease presents an opportunity.
Bargaining power of buyers: The bargaining power of buyers is moderate. While growing awareness empowers customers, the serious complications of the disease limits options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to requirements around proprietary technologies, patents, and regulatory approvals needed for new drugs.
Threat of new substitutes: Threat from new substitutes is low as Lyme disease has no close substitute treatment options currently.
Competitive rivalry: Competition is high among existing players to develop newer and better treatment options.
Key Takeaways
The Global Lyme Disease Treatment Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 1.56 Bn by 2023.
Regional analysis: North America is currently the dominant as well as the fastest growing region in the global Lyme Disease Treatment market. The region accounts for the highest prevalence of Lyme disease cases, with the U.S. reporting over 300,000 new cases annually.
Key players: Key players operating in the Lyme Disease Treatment market are Pfizer, GlaxoSmithKline, Merck, Pfizer Inc., Zydus Pharmaceuticals, Inc., Mayne Pharma Group Limited and Entasis Therapeutics Inc. Pfizer dominates with their drug Doxycycline being the first line of treatment for Lyme disease.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
